In the afternoon of May 27th, Minister of Finance Ho Duc Phoc met with Ms. Manuela V. Ferro, the World Bank Vice President for the East Asia and Pacific region, and a delegation from the World Bank at the Ministry of Finance headquarters for a working session.
Minister Ho Duc Phoc delivered a speech during the reception. Photo: Đức Minh
During the meeting, Ms. Mariam J. Sherman, World Bank Country Director for Vietnam, and Ms. Kathy Whim, World Bank Operations Director, along with other World Bank staff in Vietnam, joined the working session on the WB side. On the Ministry of Finance side, Ms. Nguyen Xuan Thao, Deputy Director of the Department of Debt Management and Foreign Finance, Mr. Doan Duc Thanh, Deputy Director of the Investment Department, Mr. Nguyen Minh Tan, Deputy Director of the State Budget Department, and Ms. To Nguyen Cam Anh, Deputy Director of the Legal Department were present.
Welcoming Ms. Manuella V. Ferro, World Bank Vice President for the East Asia and Pacific region, and her colleagues to visit and work at the Ministry of Finance, Minister Ho Duc Phoc sincerely thanked the WB for its active support for Vietnam in public debt management, financing loans for some projects in Vietnam in recent times, and expressed the desire to continue receiving this support in the future to have resources for socio-economic development, infrastructure development, and climate change response.
During the working session, the two sides discussed and shared information on the progress of preparing to expand the list of WB-financed projects to meet the financial support requirements of the Prime Minister.
Accordingly, in the period from now to 2028, the WB proposes a total portfolio of 20 projects worth about $11.2 billion to invest in Vietnam. These are mainly projects for transportation infrastructure development, energy and electricity projects, and projects focused on the Mekong Delta region.
Ms. Manuella V. Ferro, Vice President of the World Bank responsible for the Asia-Pacific region,
spoke at the reception. Photo: HP
The Minister of Finance, Ho Duc Phoc, emphasized the need to streamline administrative procedures and decentralize decision-making to expedite the implementation of ODA and public investment projects. For ongoing WB-funded projects with high feasibility, the Ministry of Finance will make every effort to ensure their swift and effective implementation. Additionally, the Minister affirmed the decision to reallocate unutilized project funds for more urgent and impactful purposes, as approved by the WB, as a prudent move that does not result in additional costs.
In the context of carbon market development, the Minister revealed that the Government has entrusted the Ministry of Finance with the task of formulating legal regulations and exploring the establishment of a carbon credit trading platform. The Ministry is actively progressing in these areas and has sought insights from Japan and South Korea during a recent investment promotion trip to enhance its understanding. Acknowledging the complexity of this matter for Vietnam, the Minister has requested the WB to provide guidance and support in this regard.
In response, Ms. Manuella V. Ferro expressed her optimism for the acceleration of projects outlined in the WB's investment portfolio.
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Overview of the working session. Photo: HP
The World Bank (WB) is committed to addressing the bottlenecks related to procedures on our side. However, Vietnam also needs to cooperate to ensure that WB funds can be used for projects as quickly and effectively as possible, emphasized Ms. Manuella V. Ferro.
The World Bank Vice President also mentioned that the WB is currently implementing three borrowing instruments: budget support lending, investment project lending, and results-based lending. Among these, the results-based lending instrument is seen as quite effective, as it can address the gaps in policy regulations and procedures between the two sides. She requested that Vietnam pay attention to this matter.
Regarding the development of the carbon credit market, Ms. Manuella V. Ferro shared that this is a new and challenging issue not only for Vietnam but also for many countries around the world. The World Bank has accumulated some experience in developing the carbon credit market and is ready to support Vietnam in specific activities
. At the end of the working session, the Minister presented a souvenir gift to Ms. Manuella V. Ferro. Photo: HP
Translator: Thúy Nga
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